30 Oct CARES Act Allows $300 Above-the-Line
Charitable Donation Deduction
Did you know that Universal Charitable Deduction in The CARES Act include provisions that allow eligible taxpayers a partial above-the-line deduction of up to $300 in gifts made to public charities for tax year 2020?
Eligible taxpayers are individuals who do not itemize their deductions, allowing those taxpayers a tax benefit that they would otherwise not receive for supporting nonprofits. The deduction is limited to cash gifts only.